Welcome to the Victoria Market Minute, our weekly 1 minute look at what’s happening in Greater Victoria real estate and what it means if you’re thinking about buying or selling.
The market looks a little softer this week. There are more properties for sale, sales have slowed, and buyers generally have more choice. Before reading too much into that, though, we’re still seeing the effect of the Labour Day long weekend. Real estate activity often slows around a holiday, and it can take a week or two for that to work its way through the numbers. The next couple of weeks should give us a much better idea whether this is simply the usual seasonal slowdown or the beginning of a softer fall market.
The bigger story right now is that we really don’t have one Victoria real estate market. Single-family homes are holding up quite well, with good houses that are priced properly still attracting buyers and occasionally selling over asking. Townhomes are softer, with more choice for buyers and fewer recent sales, so this is the part of the market we’re watching most closely. Condos are somewhere in the middle. There is a reasonable amount of choice, but sales are holding up fairly well.
For sellers, I wouldn’t be overly concerned about a couple of slower weeks following Labour Day, but buyers do have choices, so getting the price right from the beginning is important. For buyers, this is generally a pretty comfortable market. In many cases you have time to look around, compare properties and negotiate. That said, a really good property at the right price can still move quickly.
Follow us for a new Victoria Market Minute each week and keep up with what’s happening in our local real estate market.
Mark Roozendaal | Grant Walker | Karl Leong | Leanne Benedict
The Preferred Homes Team | RE/MAX Camosun
